NSW Caselaw
Reported Decision : 57 ACSR 693
New South Wales Supreme Court
CITATION : Ziade Investments Pty Ltd & Anor v Welcome Homes Real Estate Pty Ltd & Ors [2006] NSWSC 457
HEARING DATE(S) : 09/05/06, 10/05/06
JUDGMENT DATE : 18 May 2006
JUDGMENT OF : Gzell J
DECISION : Relief to be granted under the Corporations Act 2001 (Cth), s 588FF(1) for transactions voidable under s 588FE(3) as insolvent and uncommercial transactions.
CATCHWORDS : CORPORATIONS - Winding up - Voidable Transactions - Debts allegedly incurred by company in liquidation - Mortgages given by company securing past debts said to be a present entitlement - Some debts statute-barred - Mortgages given more than 6 months but less than 2 years from relation-back day - Whether company insolvent at the time - Whether granting of mortgages voidable as insolvent and uncommercial transactions - Whether granting of mortgages a disposition of property within the Corporations Act 2001 (Cth), s 588FDA(1)(a)(ii) - Whether the granting of the mortgages to companies of which close associates of a director of the mortgagor were sole shareholders were grants to persons for the benefit of close associates within s 588FDA(1)(b)(iii) - Whether the grants of the mortgages were unreasonable director-related transactions
Corporations Act 2001 (Cth) Corporate Law Reform Bill 1992 LEGISLATION CITED : Limitation Act 1969 Bankruptcy Act 1960 (Cth) Real Property Act 1900 Corporations Amendment (Repayment of Directors' Bonuses) Bill 2002 (Hansard, House of Representatives, Wednesday 16 October 2002)
Skouloudis Group Pty Ltd (in liq) v Planet Enterprizes Pty Ltd (2002) 41 ACSR 369 McDonald v Hanselmann (1998) 144 FLR 463 Sandell v Porter (1966) 115 CLR 666 Hymix Concrete Pty Ltd v Garritty (1977) 13 ALR 321 Lewis v Doran (2004) 184 FLR 454 Lewis v Doran (2005) 219 ALR 555 CASES CITED : Re Action Waste Collections Pty Ltd (in liq); Crawford v O'Brien [1981] VR 691 Brooks v Heritage Hotel Adelaide Pty Ltd (1996) 20 ACSR 61 Keith Smith East West Transport Pty Ltd (in liq) v Australian Taxation Office (2002) 42 ACSR 501 Skouloudis v Planet Enterpizes Pty Ltd [2003] NSWCA 31 Jones v Dunkel (1959) 101 CLR 298 NRMA Insurance Ltd v Martin (1988) 91 FLR 479 Re Helmar Pty Ltd (in liq) (1992) 8 ACSR 301
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